Marina Bay Sands Q3 EBITDA falls 20.6% to $590M as lower casino hold offsets hotel gains

Marina Bay Sands reported adjusted property EBITDA of $590 million for the third quarter of 2026, a 20.6% decline from $743 million a year earlier. Net revenue at the Singapore resort fell 9.9% to $1.29 billion, according to the earnings release of parent company Las Vegas Sands filed on 21 October. Casino revenue dropped 14.9% to $916 million, and the EBITDA margin narrowed by 6.1 percentage points to 45.6%.

The weaker casino result stemmed mainly from table hold rather than reduced betting volume. Non-rolling chip drop rose 12.6% to $2.87 billion, but the win percentage slid to 18.7% from 24.5%. Rolling chip volume declined 7.1% to $8.43 billion, with the win rate easing from 4.84% to 4.53%. Slot handle increased 2.1% to $6.54 billion, with hold unchanged at 4.4%. Table games win per unit per day fell to $17,920 from $21,380.

Las Vegas Sands said EBITDA would have been $4 million higher had rolling chip hold matched its theoretical value of 4.6%. In the prior-year period, above-theoretical rolling hold had added an estimated $43 million.

The hotel business performed better. Room revenue rose to $162 million from $154 million, with occupancy at 95.8% and an average daily rate of $1,038 versus $982 a year earlier. Revenue per available room was $994. Food and beverage revenue increased to $104 million, while mall revenue was broadly flat at $70 million.

For the first nine months of 2026, the property generated net revenue of $4.16 billion, up 4.4%, although adjusted property EBITDA declined 2.3% to $2.07 billion.

At group level, Las Vegas Sands reported net revenue of $3.22 billion and adjusted property EBITDA of $1.12 billion, compared with $1.34 billion a year earlier. Its Macao operations contributed $529 million, in a quarter when overall Macao gross gaming revenue fell 3.8%. The company repurchased $950 million of stock in the quarter and lifted its recurring dividend by 20% for 2027 to $1.44 per share annually.

Marina Bay Sands spent $121 million on capital expenditure during the quarter, and $4.57 billion remains available under a delayed draw term loan facility for the resort's expansion. Chairman and CEO Patrick Dumont described the Singapore result as solid and pointed to the expansion, which will add suite capacity and an arena.